• Home
  • Trading
  • Live Data
  • Events
Home Trading Ravencoin Price Analysis RVN / USD: Bullish Falling Wedge

Shutterstock

Ravencoin Price Analysis RVN / USD: Bullish Falling Wedge

A falling wedge pattern keeps the medium-term positive for Ravencoin.

-

  • Ravencoin has a bearish short-term bias, with the RVN / USD pair falling below its 200-period moving average on the four-hour time frame
  • The RVN / USD pair is still bullish over the medium-term and continues to trade above its 200-day moving average
  • A bullish falling wedge pattern can be seen on the daily time frame

Ravencoin / USD Short-term price analysis

Ravencoin has a bearish short-term trading bias, with the cryptocurrency falling below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that a complex head and shoulders pattern has formed, with the RVN / USD pair probing the neckline of the bearish pattern.

Technical indicators on the four-hour have turned bearish and continue to move lower.

SIMETRI Research

 

Ravencoin H4 Chart May 23, powered by Trading ViewRVN / USD H4 Chart by TradingView

                                                      

Pattern Watch

Traders should note that bulls have recently failed to invalidate the bearish head and shoulders pattern on the four-hour time frame.

Relative Strength Index

The RSI indicator is still bearish on the four-hour time frame and shows scope for further downside.                                                       

MACD Indicator

The MACD indicator has turned bearish on the four-hour time frame and continues to generate a sell signal.


Ravencoin / USD Medium-term price analysis

Ravencoin has a bullish medium-term outlook, with the RVN / USD pair still trading well above its 200-day moving average.

The daily time frame is showing that a falling wedge pattern has formed, with the RVN / USD pair testing lower after a false technical breakout above the bullish pattern.

Technical indicators on the daily frame are falling and are close to turning bearish.

 

Ravencoin Daily Chart May 23, powered by Trading ViewRVN / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that falling wedge patterns are typically bullish and have a higher percentage of success during uptrends.

Relative Strength Index

The RSI indicator has turned bearish on the daily time frame and shows scope for further downside.

MACD Indicator

The MACD indicator is attempting to turn bearish on the daily time frame.


Conclusion

Ravencoin is likely to come under further downside pressure in the short-term if sellers can trigger the bearish pattern on the four-hour time frame.

The medium-term prospects for the RVN / USD pair still remain solid, with the falling wedge pattern on the daily time frame suggesting that cryptocurrency can still trade much higher.

 

The name isn’t very descriptive, but Ravencoin is an interesting project we covered in our coin guide.

 

Ravencoin Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

Avatar
The Analyst Team
Crypto Briefing has become known for providing thoughtful and insightful diligence on early-stage blockchain ventures. Our reports are distributed globally, including via Binance Info. Almost 100 free, unpaid, and independent Digital Asset Reports and Evaluations and early-stage crypto assessments are available by clicking on the CB icon, right here.

JOIN OUR COMMUNITY!

Join the conversation on Telegram and Twitter!

8,427FollowersFollow
1,342SubscribersSubscribe

More News & Analysis

Get The Best Of Crypto Briefing!

Crypto news flashes, new DARE research, upcoming mainnet launches, market reports, and much more!

X
X